15 May 2024 18:35

DTEK makes 90% of its investment in Ukraine

MOSCOW. May 15 (Interfax) - The vast majority of investments of Ukraine's DTEK energy company, or 90%, goes to Ukraine, while Europe accounts for 10%, DTEK CEO Maxim Timchenko said.

"We invest 90% in Ukraine and 10% in Europe. This ratio will be maintained during the crisis period. We are weighing up the risks for the country, but we are ready to take more than a foreign investor. We are funding projects in Europe with a large share of credit money," Ukrainian media quoted Timchenko as saying in an interview with Forbes.

DTEK's plan to build 5,000 MW of green generating capacity in Europe by 2030 will be adjusted because of the crisis and lower prices in Europe, he said.

"We are interested in not limiting ourselves to wind and solar power but to build more complex systems so as not to depend on electricity prices. We want to build a value chain from power generation to delivery to the end consumer. And, of course, we will build energy storage, which is a technology that is more economically protected and in high demand," Timchenko said.

DTEK's investment in its core business, DTEK Energy, may grow at least UAH 1 billion, he said.

DTEK's capital investments grew one third to almost UAH 18.3 billion in 2023, while a part of them was forced, as the company is investing in rebuilding damaged facilities, he said.

The approval of investment amounting to 20 million euros is within the authority of the CEO of the business (a company that is part of DTEK), 20 million euros to 100 million euros is within the authority of the Supervisory Board, and more than 100 million euros is a decision of the shareholder, he said.

In early 2024, DTEK signed a contract with Poland's Columbus Energy through its DRI subsidiary which focuses on the European Union, to build a 133 MW energy storage system in southern Poland.

DRI also launched its first projects in Europe, including the 60 MW Ruginoasa wind farm and the 53 MW Glodeni solar power plant in Romania. It also intends to develop renewable energy projects in Romania, Italy, and Croatia.

In early April 2024, Timchenko said he estimated equipment procurement costs to rebuild most of thermal generating capacity at $230 million.

In early 2024, Timchenko noted that DTEK invested almost $1 billion in Ukraine during the crisis.